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snow Atcempt mistory Current Attempt in Progress McGill and Smyth have capital balances on...

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Accounting

snow Atcempt mistory
Current Attempt in Progress
McGill and Smyth have capital balances on January 1 of $51,000 and $41,000,
respectively. The partnership income-sharing agreement provides for (1) annual
salaries of $15,000 for McGill and $16,000 for Smyth,(2) interest at 10% on
beginning capital balances, and (3) remaining income or loss to be shared 70% by
McGill and 30% by Smyth.
(a)
(b)
Journalize the allocation of net income in each of the situations above. (Credit
account titles are automatically indented when amount is entered. Do not indent
manually. Record entries in the order presented in the previous part.)
No. Account Titles and Explanation
Debit
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